Regulatory Alerts2020-10-09
FSCA Administrative Sanction Notice to Debbie Barnard Finansiele Dienste
The Financial Services Conduct Authority has issued an administrative sanction against Debbie Barnard Finansiele Dienste for failing to maintain a compliant Risk Management and Compliance Programme under the Financial Intelligence Centre Act. The regulator imposes a total financial penalty of R55,000, requiring an immediate payment of R10,000 by 7 September 2020 while suspending the remaining R45,000 for three years contingent upon sustained compliance with customer due diligence and risk assessment provisions. Should the financial services provider breach these statutory requirements during the suspension period, the full suspended amount becomes immediately payable and may be enforced as a civil judgment.
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